Glossary

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Glossary

Ad Valorem Tax

A direct tax calculated “according to value” of property. An ad valorem tax is normally the one substantial tax that may be raised or lowered by a local governing body without the sanction of superior levels of government (although constitutional or statutory restrictions such as tax rate limitations may limit this right).

General Obligation Bond or GO Bond

Typically refers to a bond issued by a state or local government that is payable from general funds of the issuer, although the precise source and priority of payment for general obligation bonds may vary considerably from issuer to issuer depending on applicable state or local law. General obligation bonds issued by local units of government often are payable from the issuer’s ad valorem taxes.

Millage

The rate used in calculating taxes based upon the value of property, expressed in mills.

Mill

One-tenth (0.1) of one cent or .001 of one dollar. Rates of taxation of assessed valuation are often expressed in mills.

Multi-Modal Transportation Policy

The City of Stillwater follows its Multi-Modal Transportation Policy that promotes “safe and sustainable streets which accommodate all users of the transportation network, foster community spaces that provide mobility and improve quality of life.” The policy guides the creation of a transportation system that provides connectivity and promotes consistent movement of all modes of traffic. People of all ages and abilities should be able to safely move along the transportation corridors within our community, regardless of how they are traveling.

Streetscapes

The visual elements of a street, including the road, adjoining buildings, sidewalks, street furniture, trees and open spaces, etc, that combine to form the street's character.